China has a new No. 1 in online shopping, the company that has beaten Alibaba

China has a new online shopping giant. According to a report in CNBC, quoting Goldman Sachs, PDD, the company behind the popular Pinduoduo shopping app, has surged past Alibaba to become China’s most valuable e-commerce company. This shift comes thanks to PDD’s focus on value for money and the rapid growth of its international marketplace, Temu. Incidentally, Temu was the most-downloaded shopping app in the US in 2023.